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Stock Transactions and Unit Redemptions (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding
Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Shares outstanding at beginning of period385,134 340,875 390,095 325,858 
Share issuances:
Redemptions/exchanges of limited partnership interests and contingent share obligations¹
753 17,082 1,118 30,226 
Vesting of RSUs1,975 534 5,685 2,630 
Acquisitions— 3,494 472 4,152 
Other issuances of BGC Class A common stock2,450 (3)4,829 11 
Restricted stock forfeitures(36)(190)(673)(239)
Treasury stock repurchases(10,688)(9,814)(21,938)(10,660)
Shares outstanding at end of period2
379,588 351,978 379,588 351,978 
____________________________
1Contingent share obligations include shares of BGC Class A common stock issued to terminated employees per their respective separation agreements. Included in redemptions/exchanges of limited partnership interests and contingent share obligations for the three months ended June 30, 2024 and 2023 are 0.8 million shares of BGC Class A common stock granted in connection with 0.8 million contingent share obligations, and 13.3 million shares of BGC Class A common stock granted in connection with the cancellation of 19.1 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests and contingent share obligations for the six months ended June 30, 2024 and 2023 are 1.1 million shares of BGC Class A common stock granted in connection with 1.2 million contingent share obligations, and 20.2 million shares of BGC Class A common stock granted in connection with the cancellation of 26.4 million LPUs, respectively. Because LPUs were included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges of LPUs in connection with the issuance of BGC Class A common stock did not impact the fully diluted number of shares outstanding.
2Shares outstanding at end of the period, June 30, 2024, includes 15.9 million shares of certain restricted stock awards that do not receive dividends until their respective vesting and contingent conditions are met. These restricted stock awards do have voting rights.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock
The tables below represent the units redeemed and/or the shares repurchased for cash or withheld to satisfy tax liabilities due upon the vesting of restricted stock and do not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The share repurchases of BGC Class A common stock during the three and six months ended June 30, 2024 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Shares
Repurchased		Weighted-Average Price
Paid per Share
Approximate
Dollar Value
of
Shares That Could Be Repurchased
Under the Program at June 30, 2024
Repurchases1,2
January 1, 2024—March 31, 202411,250 $7.11 
April 1, 2024—April 30, 20241,555 7.68 
May 1, 2024—May 31, 20245,031 8.62 
June 1, 2024—June 30, 20244,102 8.21 
Total Repurchases21,938 $7.70 $183,492 
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1During the three months ended June 30, 2024, the Company repurchased 10.7 million shares of BGC Class A common stock for an aggregate price of $89.0 million at a weighted-average price of $8.32 per share. These repurchases include 1.3 million restricted shares vested but withheld described in the following footnote. During the six months ended June 30, 2024, the Company repurchased 21.9 million shares of BGC Class A common stock for an aggregate price of $168.9 million at a weighted-average price of $7.70 per share. These repurchases include 2.7 million restricted shares vested but withheld described in the following footnote.
2The three months ended June 30, 2024 includes an aggregate of 1.3 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The average price paid per share for such share withholdings is based on the closing price per share on the vesting date of the restricted stock or, if such date is not a trading day, the trading day immediately prior to such vesting date. The fair value of restricted shares vested, withheld to satisfy tax liabilities was $9.6 million at a weighted-average price of $7.61 per share. The six months ended June 30, 2024 includes an aggregate of 2.7 million shares withheld to satisfy tax liabilities due upon the vesting of restricted stock. The average price paid per share for such share withholdings is based on the closing price per share on the vesting date of the restricted stock or, if such date is not a trading day, the trading day immediately prior to such vesting date. The fair value of restricted shares vested, withheld to satisfy tax liabilities was $21.0 million at a weighted-average price of $7.81 per share.
The gross unit redemptions and share repurchases of BGC Class A common stock during the three and six months ended June 30, 2023 were as follows (in thousands, except for weighted-average price data):
PeriodTotal Number
of Units
Redeemed
or Shares
Repurchased		Weighted-Average Price
Paid per Unit
or Share
Approximate
Dollar Value
of Shares That Could Be Redeemed/ Purchased
Under the Program at June 30, 2023
Redemptions1,2
January 1, 2023—March 31, 202323 $3.90 
April 1, 2023—June 30, 2023422 4.91 
Total Redemptions445 $4.85 
Repurchases3,4
January 1, 2023—March 31, 2023846 $4.97 
April 1, 2023—April 30, 20233,086 4.48 
May 1, 2023—May 31, 20233,300 4.36 
June 1, 2023—June 30, 20233,428 4.48 
Total Repurchases10,660 $4.48 
Total Redemptions and Repurchases11,105 $4.50 $326,449 
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1During the three months ended June 30, 2023, the Company redeemed 0.3 million LPUs for an aggregate redemption price of $1.4 million at a weighted-average price of $4.71 per unit. During the three months ended June 30, 2023, the Company redeemed 0.1 million FPUs for an aggregate redemption price of $0.7 million at a weighted-average price of $5.32 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.3 million shares of BGC Class A common stock during the three months ended June 30, 2023, nor the limited partnership interests exchanged for 7.1 million shares of BGC Class A common stock during the three months ended June 30, 2023.
2During the six months ended June 30, 2023, the Company redeemed 0.3 million LPUs for an aggregate redemption price of $1.4 million at a weighted-average price of $4.71 per unit. During the six months ended June 30, 2023, the Company redeemed 0.2 million FPUs for an aggregate redemption price of $0.8 million at a weighted-average price of $5.11 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 20.2 million shares of BGC Class A common stock during the six months ended June 30, 2023, nor the limited partnership interests exchanged for 13.4 million shares of BGC Class A common stock during the six months ended June 30, 2023.
3During the three months ended June 30, 2023, the Company repurchased 9.8 million shares of BGC Class A common stock for an aggregate price of $43.6 million at a weighted-average price of $4.44 per share.
4During the six months ended June 30, 2023, the Company repurchased 10.7 million shares of BGC Class A common stock for an aggregate price of $47.8 million at a weighted-average price of $4.48 per share.
Summary of Changes in Carrying Amount of FPUs
The changes in the carrying amount of FPUs were as follows (in thousands):
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
20232023
Balance at beginning of period$15,423 $15,519 
Consolidated net income allocated to FPUs— 236 
Earnings distributions(236)(236)
FPUs exchanged(992)(1,301)
FPUs redeemed311 288 
Corporate conversion(14,506)(14,506)
Balance at end of period$— $—